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US seeks $3 billion to boost oil producers as prices plunge

10 months 1 week 2 days ago Thursday, March 19 2020 Mar 19, 2020 March 19, 2020 12:15 PM March 19, 2020 in News - AP Texas Headlines

By ELLEN KNICKMEYER
Associated Press

WASHINGTON (AP) - The Trump administration is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally. Energy Secretary Dan Brouillette denied Thursday the move was about propping up prices for U.S. oil giants. Brouillette says it makes sense to fill up the national petroleum supplies at a time of cheap oil. Oil producers Russia and Saudi Arabia have stepped up pumping, threatening the market share of U.S. oil. Congress has to approve the money for the purchases. The administration must overcome opposition from some Democratic lawmakers.

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